Second lien, deferred-payment loan. No monthly loan payments are made, but if the homebuyer sells, leases or rents the property within five years period following purchase, all or part of the loan must be repaid. At the end of the five year period, the lien is released. The maximum loan is $4,250.
||Deferred payment loan.|
|Loan Term:||5 years|
|Homebuyer Counseling /
|Owner Occupancy Required:||Yes|
|Other Program Comments:||The home must pass a city inspection to conform to federal and local property standards and comply with Federal lead-based paint regulations. Borrowers must first apply for a standard mortgage loan (no sub-prime loans allowed) from a participating lender or from a recognized mortgage lender who agrees to meet program requirements. After closing, occupancy of the home may be periodically monitored by the Neighborhood Resources Division during the period of the lien. |